The Feilding Star. Oroua & Kiwitea Counties Gazette. Published Daily.

Feilding Star, Volume XVII, Issue 293, 17 June 1896, Page 2

The Feilding Star. Oroua & Kiwitea Counties Gazette. Published Daily.

WEDNESDAY, JUNE 17, 1896.

" WHAT WILL THEY SAY IN ENGLAND?" The terrible disaster whicb bas over taken Mr Ward, tbe Colonial Treasu , rer, will have a markedly injurious effect on the credit of tbe colony in Ent! land. After a careful perusal of the decision given by Judge Williams, we are satisfied that although Mr Ward must be held blameless to a certain extent in what may be termed as the most damning spot in tbe indictment — that transaction where oats to tbe value of £30,000, which had practically no existence, were hypothecated to the Colonial Bank, which His Honor characterised in unmistakeable terms, yet as he was tbe head and chief controller of the Association, and signed the balance-sheet which haa been so scathingly dealt with, he must be held to deserve a proportionately large share of the blame, inasmuch as under no circumstances whatever could he justifiably plead ignorance of the affairs of the Association. His resignation as Colonial Treasurer has been accepted, and we were told by the Premier that Mr Ward would be heard on his own behalf lack night in the House. It ii only fair and reasonable that he should- be afforded an Opportunity of defending himself, al;tbbugfei^ma^ so far no Ji^ctpjjferg^h^ Ibeiw^- promulgated it^UlUith tUQ-V T

has acted correctly in accepting the j resignation must be admitted, more i especially as it is more than probable | Mr Ward is in such a financial position j that he is capable no longer of holding his seat as the representative of a constituency in the N.Z. Parliament. B u t—» What will they say iv England V That is the main point. It does not matter relatively a pin's point in the colony what happens to Mr Ward or any other member of the Ministry. But in England, in financial circles there, the sensation will be most profound. No explanation made by the fallen Minister will be accepted, no matter how plausible it may be. Men of money look only to hard facts, and nothing will persuade them to believe that the whole colony is not implicated in the calamity which has driven the Colonial Treasurer from his high position. There were doubts before, as we all know, of the sincerity of the speeches made by Mr Ward during his recent visit to England, and these doubts will now be " true as Holy Writ" in the light of the present revelations. What the consequences may be no man can yet foresee, but they cannot for a time be otherwise than evil. Although it is claimed that Mr Ward was only a paid servant of the Association, yet that will nor relieve him of his responsibility as Managing Director in the eyes of the English money lenders, or of the public generally. In this connection we are confident the Premier has made a large blunder in affirming that Parliament will set up a committee to enquire into the affairs of the Bank of New Zealand, and the now defunct Colonial Bank of New Zealand. This is a confession of abject weakness we did not expect from a man of the strength of mind and fixity of purpose we gave Mr Seddon the credit of having. There have been committees and enquiries already held sufficient for tbe ordinary mind, and, in our opinion, the better plan would be for whatever ventilation is necessary to be made in the Supreme Court beyond the pale of political prejudice or influence. The notion of dragging in the Bank of New Zealand, the State Bank in fact if not in name, is calculated to do quite as much harm if not more than the miserable collapse of the Colonial Treasurer. Mb Ward has spoken — and yet has said nothing. That is the sum and substance of his speech in thb House last night. He managed to rouudly abuse Captaiu Russell, Sir Robtrt Stout, Mr Duthie, and the members of the Opposition generally, as if they were the direct authors of the consequences of his own acts, and the misfortunes which had resulted therefrom He would have acted with more wisdom had he merely spoken as a Minister compelled by the force of unavoidable circumstances to abandon political life. It is not too much to say that the House last night saw for the first time the true Mr Ward, and not the artificial man who has posed for a few brief months as the Wizard of Finance. Verily the image "whose head was fine gold, his breast and his arms of silver, his legs of iron, his feet part of iron and part of clay, has been smitten with a stone and broken to pieces, and become like the chaff of the Summer threshing floor"